One of the key recommendations is the abolition of the 9% stamp duty tax on general insurance premiums. In the 2024-25 fiscal year, Queenslanders paid $1.66 billion in insurance stamp duty, equating to approximately $265 per resident. Removing this tax could ease financial burdens on homeowners and encourage broader insurance coverage.
Additionally, the ICA emphasizes the importance of integrating disaster resilience into land use planning and building regulations. By adopting more stringent building codes and promoting resilient construction practices, the state can mitigate the impact of natural disasters, potentially leading to lower insurance premiums and enhanced safety for residents.
The ICA's submission also highlights the need for regulatory reforms to streamline processes and reduce bureaucratic hurdles. Simplifying approval procedures and enhancing coordination between agencies can improve efficiency within the construction sector, fostering a more robust and responsive industry.
Furthermore, addressing workforce challenges is crucial. The ICA advocates for initiatives to attract and retain skilled labour in the construction industry, ensuring that the sector can meet demand and maintain high standards of workmanship.
These proposed reforms reflect a comprehensive approach to strengthening Queensland's construction industry. By focusing on economic efficiency, disaster resilience, and regulatory improvements, the ICA aims to create a more sustainable and cost-effective insurance landscape for the state's residents.
